When it’s time to choose among the senior health insurance plans, …
many find that it’s a difficult choice.
There are the private plans and the government plans and these include POSs, PPOs, HMOs, and these have different co-pays and deductibles.
In order to choose the right plan, you have to understand what these different terms and options mean before you can choose the right one.
Beginning Your Search
When you begin examining the different plans that are available you will need to know exactly how much you can afford to spend on that insurance. Without knowing this it’s going to be difficult because you’re going to need to decide on plans based on their co-pays, their premium payments, and any deductibles they have with the plan. You will also have to take an accounting of any pre-existing conditions you have as this will play a major role in what plans are available to you and what their costs will be.
If you qualify for Medicare then of course you’ll want to consider if you need any type of supplemental insurance to cover expenses that it doesn’t. If you currently work for a company that has available group insurance you will definitely want to consider it as those plans are often less expensive. Also if you are a member of any group such as AARP then you may check with those groups to see if they have any discount on plans.
Anyone who is enrolling in Medicare today has a much different experience than those who did so just one or two decades ago. In the past, the biggest decision a senior would need to make would be if they wanted to pay for Medigap as a supplemental policy or not. But recently Medicare has changed in many ways and this includes a number of private Advantage Plans and Part D drug plans that must be chosen among.
Even if a senior chooses traditional Medicare they will still have to decide if they want to get a (PDP) which is a prescription drug plan under Part D or they may want to go with a Medigap plan for those who are going to get coverage under a retiree health plan or under Medicaid. For anyone who ends up choosing to be covered by Medicare Advantage they will then have a large selection of plans and among these are the PPOs and HMOs with a range of premiums and benefits.
Here’s some tips to get you started when researching senior Medicare and open enrollment.
Factors To Consider When Choosing A Plan
1. Out-Of-Pocket Expenses
It’s important for retired seniors to be fully aware of any and all out-of-pocket expenses they will have under the plan of their choice. For most seniors, their income is fixed and their ability to pay medical cost is limited and this means they need to be aware of the cost they will face when getting medical care. Some seniors may have savings set aside for such expenses while others do not. This will play a major role in deciding which plan to go with.
2. Familiar Providers
Many seniors have indicated that they found it more comfortable when using a plan offered through a familiar provider such as the AARP. Often when they used a plan through an unknown provider they found they didn’t have a good experience with their representative or they found the coverage inadequate. But when they went with a familiar provider they found their overall experience to be favorable and the coverage was more adequate.
3. Organizing All The Information
It has been found that one of the biggest problems for seniors is organizing all of the information so that they can make it an informed decision. The ones that were more comfortable when making their decision were the ones that were able to take the information and organize it so that they were able to effectively make the right decision for their situation. Some of these seniors recommended the use of the Medicare compare tool which can be found on the .gov website.
Although the new rules and landscape has made the process of choosing the right senior health insurance plan a bit more complex, the majority of seniors say that they like having choices. When you begin the process of making your choice just make sure that you do so with enough time and that you organize the information in a way that allows you to make an informed decision.
Going through this process and making the right decision will be worth the effort.